Investor relations

SD Worx, the leading European provider of HR and payroll solutions, has acquired Codeas S.r.l. STP, a fast‑growing payroll and labour consultancy company based in Concorezzo, Milan. 

SD Worx, the leading European HR and payroll solutions provider, reported strong financial results for 2025. Consolidated revenues rose by 10.7% to EUR 1.307 billion. Consolidated adjusted EBITDA increased to EUR 271.2 million (+16.5%). The consolidated net result surpassed EUR 100 million for the first time, reaching EUR 101.4 million last year (+6.9%). This solid performance enables SD Worx to continue investing in scalable digital and AI platforms and compliant, high-quality solutions for customers across Europe.

SD Worx, the leading European HR and payroll solutions provider, has released its quarterly update reviewing the fourth quarter of 2025. The period shows solid revenue performance, strong cash generation and continued investment in AI driven solutions and digital innovation. 

SD Worx, the leading European provider of HR and payroll solutions, announces the acquisition of Paie & RH Solutions. This fast growing French payroll outsourcing specialist is also one of the earliest adopters and shareholders of Yeap, France’s most modern cloud native payroll technology. With this transaction, SD Worx expands its presence in the French SME and midmarket segment and reinforces its longterm strategy of offering modern, scalable payroll and HR solutions across Europe.

SD Worx, the leading European HR and payroll solutions provider, has acquired a majority stake in Labour Consulting S.r.l., a payroll and labour consultancy company based in Reggio Emilia and Parma, Italy. The acquisition further strengthens SD Worx’s footprint in Italy, adding deep local expertise and a solid customer base. The management will remain actively involved, ensuring continuity for customers and employees.

The leading European HR and payroll solutions provider SD Worx has released the third quarterly update of the year, reporting a 16% increase in revenue compared to the same period last year. The update outlines key developments across the business, including strong commercial performance and continued investment in innovation. 

SD Worx, the leading European HR solutions provider, has been recognised as a Leader in the 2025 Everest Group Multi-country Payroll (MCP) Solutions PEAK Matrix® Assessment for EMEA. The study benchmarks payroll providers on their market impact and their capability to deliver multi-country payroll services effectively and at scale.

SD Worx, the leading European provider of digital-first solutions for the world of work, has been identified as a leader in NelsonHall's NEAT vendor evaluation 2025 for Payroll Services. The NelsonHall Vendor Evaluation & Assessment Tool (NEAT) analyses vendor performance in payroll services, assessing both the ability to deliver immediate client benefits and the capacity to meet future client requirements. This recognition highlights SD Worx’s strong position in payroll services and reflects the company’s continued investment in digital payroll innovation and international capabilities.

Fosway Group is an HR industry analyst focused on next-gen HR, talent and learning. Its Fosway 9-Grid™ is a five-dimensional model that helps organizations in the EMEA compare cloud HR solutions. Vendors are assessed on nine criteria, bundled in five domains: Potential, which looks at the scope and sophistication of the solution; Performance, which considers market results, customer success and advocacy; Presence, which reflects market footprint and enterprise adoption; Total Cost of Ownership, which covers the full cost to acquire, implement and operate; and Trajectory, which analyses how current market trends influence a vendor’s performance and potential. 

The leading European HR and payroll solutions provider SD Worx has released the second quarterly update of this year, showcasing solid financial growth, close customer relationships and continuous innovation of its HR software and services across all markets and segments.

SD Worx, the leading European HR solutions provider, is recognised as a Major Contender in the 2025 Everest Group Multi-process Human Resources Outsourcing (MPHRO) Services PEAK Matrix®. This global assessment benchmarks providers on their market impact and their ability to deliver HR outsourcing services at scale and with measurable value.

SD Worx, the leading European HR and payroll solutions provider, has announced its financial results for the first half of 2025. Consolidated revenues increased by 11.6%, from EUR 581.8 million in the first half of 2024 to EUR 649.0 million in the first six months of 2025. Consolidated adjusted EBITDA grew by 11.6% from EUR 121.0 million in the first two quarters of 2024 to EUR 135.0 million in the first half of 2025. The consolidated net result climbed to EUR 55.8 million.

The leading European payroll and HR solutions provider SD Worx is mentioned as one of the Top 10 Fastest-Growing Business Process Services (BPS) Players by Growth in Everest Group’s BPS TOP 50™ report of June 2025.

The leading European HR solutions provider SD Worx has acquired Socialea, a French payroll company with a strong foothold in the French SME market. With this acquisition, SD Worx continues its sustainable growth strategy and enters the domestic French SME segment, a market with promising growth potential.

SD Worx, the leading European HR solutions provider, has been named a Leader in NelsonHall’s 2025 NEAT report for Experience-Led HR Transformation Services. This recognition highlights SD Worx’s continued excellence in delivering innovative, employee-centric HR solutions. NelsonHall underlines SD Worx’s European footprint and tailored offering for the SME segment. It anticipates continued revenue growth for SD Worx in 2025, driven by demand in manufacturing, engineering, retail, and healthcare - sectors with complex HR needs. 

SD Worx, the leading European HR solutions provider, is proud to announce its recognition as a Major Contender in the Everest Group SAP Business Application Services PEAK Matrix® Assessment 2025. This global assessment evaluates solution providers across broad SAP capabilities, including SAP S/4HANA and SAP SuccessFactors.

The leading European HR and payroll solutions provider SD Worx has released its first quarterly report, showcasing continued financial growth, customer engagement and ongoing innovation across its software and services offering.

The leading European HR and payroll solutions provider SD Worx has published its annual report to reflect on 2024, with “Shaping a world that works” as central theme. Also last year, SD Worx reaffirmed its commitment to shaping a world that works – for work, life, and society, driven by the belief that success starts with people and that HR holds the power to change the world.

The leading European HR-solutions provider SD Worx has appointed Sebastiaan Peeters as its new CFO. He succeeds Nadine Aerts, who is leaving the company at the end of June. Sebastiaan, who has been with SD Worx since 2023, is part of the executive committee and reports directly to CEO Kobe Verdonck.

SD Worx, the leading European provider of HR and payroll software and services, has announced its financial results for 2024. The consolidated revenues increased by 11.6%, from EUR 1.058 billion in 2023 to EUR 1.180 billion in 2024. The consolidated adjusted EBITDA grew by 28.2% from EUR 181.6 million to EUR 232.7 million. The consolidated net profit climbed from EUR 70.1 million in 2023 to EUR 94.9 million in 2024, an increase of 35.4%.

SD Worx, the leading European HR solutions provider, has been recognised by analyst company Everest Group as a leader in the Multi-country Payroll Solutions PEAK Matrix 2024 EMEA. The recognition confirms SD Worx’ international presence, customer and partner relationships and innovative solutions. 

SD Worx, the leading European HR and payroll solutions provider, has successfully closed the acquisition of F2A, the Italian market leader in HR and payroll. With this transaction, SD Worx has taken a quantum leap in its expansion strategy to help customers of any size across Europe with their HR and payroll through software, managed services and expertise. 

SD Worx, the leading European HR solutions provider, achieved a consolidated revenue of EUR 581.8 million in the first half of the year, an increase of 10.9% compared to the first half of 2023 (EUR 524.6 million). The consolidated adjusted EBITDA grew 36.7% from EUR 88.5 million in the first half of last year to EUR 121.0 million during the first six months of 2024. The consolidated net result increased from EUR 42.5 million in the first two quarters last year to EUR 54.9 million in the first half of this year.

SD Worx Staffing Solutions has acquired TMF Jobs, a recruitment and temporary employment agency focused on European cross-border workers.  With this transaction SD Worx Staffing Solutions reinforces its market position and expands its presence in the Netherlands. SD Worx Staffing Solutions is a division of SD Worx and focuses on the flexible labour market in Belgium and The Netherlands.

Ardian, a world-leading private investment house, and SD Worx, one of the main European HR and payroll solutions providers, have reached an agreement for the sale of F2A, the leading Italian HR and payroll solutions provider controlled by Ardian since February 2016. With this transaction, SD Worx will expand its offering and geographical footprint and accelerate its growth in the European HR and payroll solutions industry. The transaction is subject to customary regulatory approvals.

SD Worx, Europe's leading provider of HR solutions is pleased to announce the appointment of Bert De Vriendt to the role of Country Leader Italy, a position which he will combine with his existing global responsibilities as SD Worx's Director of International Sales.

SD Worx, the leading European HR and payroll solutions provider, has acquired the Polish HR tech startup TribePerk. This fast-growing HR tech start-up offers an integrated suite of HR cloud solutions including payroll, core HR and time & attendance to Polish SMEs. With this acquisition, SD Worx expands its go-to-market to Polish SMEs and strengthens its position on the Polish market, where it already serves mid-market businesses and where it is the local market leader in SAP & SuccessFactors solutions.

Protime, the Belgian market leader in time registration and employee scheduling, has acquired Sheepblue, AI-based software for workforce planning, developed by the similarly named start-up founded in 2018 and headquartered in Vienna (Austria). The software specialises in shift-based industries that require precise workforce planning capabilities, such as manufacturing or logistics.

SD Worx, the leading European HR solutions provider, achieved a consolidated revenue of EUR 1.058 billion last year, an increase of 10% compared to 2022 (EUR 962.1 million). The consolidated normalised EBITDA grew 32.8% from EUR 136.7 million in 2022 to EUR 181.6 million in 2023. The consolidated profit before taxes rose by EUR 6.2 million to EUR 88.1 million. The consolidated net profit decreased from EUR 81 million in 2022 to EUR 70.1 million in 2023. As a reminder: the consolidated net profit growth in 2022 was exceptional (increasing from EUR 46.8 million in 2021 to EUR 81 million in 2022), affected by the capital gain realised on the sale of the real estate portfolio of SD Worx Real Estate NV to WorxInvest.

Protime, the Belgian market leader in time registration and work scheduling, is acquiring its Spanish sector peer, SoftMachine. SoftMachine is a specialist provider in its home country and supports some 450 medium-sized (inter)national customers. The acquisition is part of Protime’s ambition to become the European market leader in workforce management solutions. The software company, based in Mechelen, is already active in its neighbouring regions including the UK, Scandinavia and now, in Spain.

SD Worx, the leading European HR and payroll solutions provider, has acquired Romanian Software S.R.L., the market leader in Romania for payroll and Human Capital Management (HCM) solutions. With the acquisition SD Worx strengthens its position in Central and Eastern Europe and expands its offering of own payroll technology to its domestic and international customers. Romanian Software S.R.L. gains access to SD Worx’s complete payroll and HR software and services and to its expanding presence across Europe.

The diversified investment company WorxInvest and the Flemish Participation Company VPM announce today an agreement where WorxInvest acquires all of VPM’s remaining 27.81% stake in Gimv NV (Gimv), the Euronext Brussels listed European investment company. WorxInvest is the parent company of the leading European HR solutions provider SD Worx. The transaction is subject to customary regulatory approvals.

SD Worx, the leading European HR and payroll solutions provider, has acquired Gavdi Poland, the market leader of SAP HR solutions in Poland, from the Danish Gavdi Group. Gavdi Poland, headquartered in Warsaw, provides SAP HCM (Human Capital Management), SAP SuccessFactors consultancy and application management services. The company has also own developed solutions that are compatible with SAP HR software and extend its capabilities. Through this acquisition SD Worx reinforces its SAP HR capabilities to help customers in the mid-market and enterprise segments with HR and payroll solutions. 

SD Worx, the leading European HR solutions provider, reports good results for the first half of the year. It achieved a consolidated revenue of EUR 524.6 million, which is 10.4% more than the first half of 2022 (EUR 475.3 million). The consolidated normalised EBITDA grew by a quarter (26.1%) from EUR 70.2 million in the first half of last year to EUR 88.5 million during the first six months of this year. The consolidated net result amounted to EUR 42.5 million.

SD Worx, the leading European HR and Payroll solutions provider, is delighted to welcome CVC Strategic Opportunities II as a new partner and minority shareholder. WorxInvest, the current shareholder of SD Worx, remains the majority shareholder and will keep 77.5 % of SD Worx. The additional capital generated by the transaction will be invested to accelerate the execution of SD Worx' European growth plans.

SD Worx, the leading European HR solutions provider, achieved a consolidated revenue of EUR 962.1 million in 2022, which is an increase of +12.1% compared to 2021 (EUR 858.1 million). The normalised EBITDA grew to EUR 136.7 million, or 18.3% more compared to 2021 (EUR 115.6 million). The net profit climbed to EUR 81 million, an increase of 73.1% compared to 2021 (EUR 46.8 million).

The leading European HR solutions provider SD Worx has acquired Integrho, a supplier of payroll software for the local Spanish market, headquartered in Barcelona. With this acquisition, SD Worx further strengthens its business in Spain, where it sees a lot of growth potential. 

SD Worx, the leading European HR solutions Provider, has acquired Intelligo – an Ireland-based supplier of HR and Payroll Software and Outsourcing Services – to further expand its presence in the Irish market and to strengthen its portfolio of own payroll and HR software. 

HR and payroll services provider SD Worx has appointed Bruce Fecheyr-Lippens as Chief People Officer. Bruce is a member of the Executive Committee and reports to CEO Kobe Verdonck.

SD Worx, the leading European provider of payroll and HR services, recorded a consolidated turnover of 475.3 million euro in the first half of 2022. That is an increase of 18% compared to the first half of last year. Normalized EBITDA came in at 70.2 million euro, which is 9.2% more compared to the first half of 2021. During the second half of 2021, SD Worx invested significantly in attracting additional employees to support the company's rapid growth.

The leading European Payroll and HR provider SD Worx has acquired HRPRO, an HR tech company located in Zagreb, Croatia. With this acquisition, SD Worx expands its local presence to 18 European countries and enters Southeastern Europe, where it sees a lot of growth potential.

The leading European payroll and HR services provider SD Worx has signed a partnership with PayGroup to support its European multi-country customers having branches in the Asia-Pacific and Middle East region. PayGroup started operating in 2005 and is one of the top three independent payroll and HR providers in Asia-Pacific, providing mission critical services across 82 countries.

The leading European Payroll and HR service provider SD Worx is taking a majority stake in the Belgian company, huapii. Huapii offers a talent platform that gives employees ownership of their career through skill and performance management. This way, SD Worx is strengthening its talent management offering, while huapii is being given a springboard to break through internationally.

SD Worx, the leading European HR and payroll services provider, achieved a consolidated turnover in 2021 of EUR 858.1 million (+15.4% compared to the EUR 743.5 million in 2020) and a normalised EBITDA of EUR 115.6 million, an increase of 20.0% compared to 2020 (EUR 96.3 million). The net result amounts to EUR 46.8 million.

SD Worx has sold ASPEX to Trustteam, a Belgian IT partner for SMEs. Aspex has been helping clients migrate their systems to the cloud for over fifteen years. It is particularly specialised in the public cloud, to which more and more companies are turning in order to keep their ever-increasing amounts of data safe. ASPEX's core business has little to do with that of SD Worx and in Trustteam we have found a partner who can further expand the scale of ASPEX.

SD Worx, the leading European HR & payroll services provider, achieved in the first half of 2021 a consolidated turnover of EUR 402.7 million (+ 11.1% compared to the first half of last year) and a normalised EBITDA of EUR 64.3 million (+ 16.5% compared to the first half of 2020). The positive results allow SD Worx to further invest in its growth ambition.

SD Worx, a leading European HR & Payroll services provider, has become the majority shareholder of Teal Partners. SD Worx has enjoyed a close collaboration with the Belgian software development provider Teal Partners since its inception, and the two companies have worked together on a number of innovative products and services. For the last two years, SD Worx has been a minority shareholder of Teal Partners. 

SD Worx, a leading European HR & Payroll services provider, has become the majority shareholder of Teal Partners. SD Worx has enjoyed a close collaboration with the Belgian software development provider Teal Partners since its inception, and the two companies have worked together on a number of innovative products and services. For the last two years, SD Worx has been a minority shareholder of Teal Partners. 

SD Worx, a leading European Payroll and HR services provider, has entered into a definitive agreement to acquire Aditro, a leading Cloud HR & Payroll software provider in Sweden, Finland and Norway. This transaction advances SD Worx’s ambition to become the reference payroll and HR services provider in Europe. By entering the Nordics, SD Worx strengthens its geographical footprint and position as leader in the European HR and payroll market.

SD Worx, a leading European HR & payroll services provider, achieved a consolidated turnover of EUR 743.3 million (-3.2% compared to 2019) and a normalised EBITDA of EUR 77.3 million (+15.3% compared to 2019) in 2020. The normalised EBITDA includes investments in digital transformation for an amount of EUR 11.8 million.